MF Utility has announced the launch of two new features TransactEezz and PayEezz.
TransactEezz
With TransactEezz, distributors can create transactions online for their clients by logging into MF Utility (MFU). MFU takes an approval from the investor electronically over a mobile or an email registered under the CAN. Payment for subscriptions will be completed by the investor based on the payment mode chosen by the distributor at the time of creating the transaction; i.e. Net Banking, RTGS, NEFT or PayEezz. All the distributors who have signed up with MF Utility can use this feature.
PayEezz
With PayEezz, Investor provides a mandate once, which will serve as the standing instruction to his banker authorizing MF Utility to debit his account up to the amount mentioned in PayEezz for any future transaction through MF Utility. Investors can have multiple PayEezz Mandates registered and quote the relevant PayEezz Reference Number at the time of transacting. PayEezz Mandate is supported as a payment mode for both Lump-sum purchases and SIPs. Both these features are available FREE OF COST to distributors and investors. Investors may register a PayEezz Mandate while opening a CAN or later by submitting the PayEezz Mandate form at any of the MFU Points of Service or through their distributors.
Speaking about the features, Mr. V Ramesh, Managing Director and CEO of MF Utilities India said "Combined with the PayEezz, the TransactEezz feature offers tremendous convenience to both distributors and their clients. Investors have the ease of instructing the distributor through a phone call, SMS, email, Fax, letter or in person to create transaction on their behalf which the distributors can do by simply logging into MF Utility. We are aiming at reducing large amount of paper transactions in the industry through these features. These provide power to the distributors since they can also use the tablet devices and capture the transaction sitting at their client's place, without the hassle of carrying, filling and submitting a paper based transaction."
Speaking out on the benefits of MF Utility, Mr. Ramesh said, "Over the past six months, since the launch of MF Utility in the hands of Shri U.K. Sinha, Chairman, SEBI, MF Utility has processed transactions worth more than ? 165 crore. More than 18,000 Common Accounts have been opened by investors. The average schemes transacted per form is around 2.5; thus reducing lots of paperwork and hassles in transacting in Mutual Funds."
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